Last week was a busy one for the CFPB. In addition to the final ability to repay/qualified mortgage rule, the CFPB also issued final rules on mortgage escrow accounts and high-cost home loans.
The final mortgage escrow account rule implements a section of the Dodd-Frank Act relating to the establishment of mandatory escrow accounts on higher-priced mortgage loans. The final rule is effective June 1, 2013.
The final rule on high-cost home loans implements various changes to the Home Ownership and Equity Protection Act provisions of the Truth in Lending Act regarding such loans, including modifications to the scope and triggers. It also implements homeownership counseling-related requirements under Dodd-Frank. The final rule is effective January 10, 2014.
For more information, see our legal alert on the final escrow account rule and our legal alert on the final high-cost home loan rule.